Question

What would be the best option for me to get money from my home? Any advice appreciated.

My home was about $410k when I bought it. I have about $325k left on it. I have started new business and it is slow and I know I will need some fund to survive the rainy season without messing up my credit history. Chase.com valuation gave me est $460k while zillow gave me $480k. My current credit is good to excellent.

I have 2 credit card balance I am thinking about transferring to 1 with 1 yr promo interest rate to save $ and lower the DTI ratio unless not recommended. Main expense is student loan and auto loan which adds upto about $1400 a month. Another main expense is mortgage payment which is about $1800 a month.

I am thinking about 10 year term instead of 5 if there isn't that much difference in terms of monthly payment. If things work out well than I would prefer to pay it off faster by paying more every month. When I looked around, there are so many options like refi/cash out, HELOC, and home equity loan. I am assuming HELOC would not be a good option for me due to loan term? What would be the best recommended method for me to get most cash from my home? Thank you for any advice.

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